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Highest ever Production achieved by OVL during 2010-11 - up 7%
20 May, 2011

ONGC in Media
 
   



Dated: 20th May, 2011
Highest ever Production achieved by OVL during 2010-11 - up 7%

The financial results of ONGC Videsh Ltd (OVL), the wholly-owned subsidiary of ONGC, for year ended 31st March 2011 were considered and approved by the OVL Board in its meeting held on 20th May 2011. The highlights of the results are as below:

  ( in Crore)
  Unit Financial Year 2010-11 Financial Year 2009-10 % increase
Production        
Crude Oil MMT 6.756 6.513 4%
Natural Gas BCM 2.692 2.357 14%
Total Oil and Oil Equivalent of Gas MMTOE 9.448 8.870 7%
Financial        
Gross Revenue / Crore 18,683 15,383 21%
Net Profit / Crore 2,691 2,090 29%

During the year, the company achieved highest ever production of oil and gas with a total of 9.448 MMTOE. Production increase coupled with better international price of oil has resulted in increase in revenue by 21% and increase in Profit after tax by 29% over the previous year.

Highlights:

OVL is presently having participation in 33 projects in 14 countries, out of which 10 are producing projects.

During the year, the company acquired 11% participating interest in Carabobo one project in Venezuela, which is discovered field and presently under development. Production in Odoptu field in Sakhalin project, Russia, where OVL holds participating interest of 20%, started from 15th September, 2010 and current average production is about 54,000 barrels per day.  

The company continues to pursue its objective of acquiring oil and gas equity abroad for energy security of the country. Recently the company has signed agreements with KazMunaiGas for the acquisition of 25% participating interest in Satpyev exploration block in the highly prospective Caspian region of Kazakhstan during the visit of Hon’ble Prime Minister of India to Kazakhstan. The company also has entered into a co-operation agreement with Uzbekneftgaz, the national oil company of Uzbekistan for joint co-operation in upstream E&P sector. The production of the company would get further boost in 2013 from the existing portfolio of assets with the likely start of gas production from Blocks A1 and A3, Myanmar where the company holds 17% participating interest and oil production from Carabobo project, Venezuela where the company holds 11% participating interest. 

Speaking on the occasion, Shri A K Hazarika, Chairman, ONGC Group of companies complimented OVL and stated that the Company is on path of sustained growth with a robust balanced portfolio of assets and envisioned to supplement the organic growth through acquisition of additional properties overseas
.



Issued By

Oil and Natural Gas Corporation Ltd.
Corporate Communications, New Delhi,
Phone: +91-11-23320032, 23301302;
Tele-Fax: 011-23357860
Mail: ongcdelhicc@ongc.co.in, ongcdelhicc@gmail.com
  Issued By :- Corporate Communications, Oil and Natural Gas Corporation Ltd. New Delhi


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